Hawaii House Passes Nexus Bills With Delayed Effective Dates
The Hawaii House of Representatives passed two bills, previously passed by the Senate, that might: – add thresholds for businesses to be subject to general excise tax (S.B. 2514) (TAXDAY, 2018/03/08,...
View ArticleMaine Amends Headquarters Credit, Other Provisions
Maine enacted legislation that makes changes to several of the state’s income tax laws, including changes to the: headquarters expansion credit; new markets capital investment credit; state retirement...
View ArticleEnacted Oklahoma Marketplace Sales Legislation Detailed
Third-party online retailers must collect and remit Oklahoma sales tax under legislation signed by Oklahoma Gov. Mary Fallin. Collection Requirement The bill requires a “marketplace facilitator” to...
View ArticleVirginia Allows Modified Apportionment Factors for Certain Companies
Virginia allows modified apportionment factors for companies that make new investments in certain areas of Virginia. Eligible companies that operate in a qualified location may elect to modify...
View ArticleTreasury, OMB Agree to Increased Oversight of Tax Regulations
Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB...
View ArticleUpdated FAQs Issued on Filing 2017 Tax Returns Including Transition Tax (FAQs)
The IRS has provided updated answers to frequently asked questions (FAQs) about filing 2017 returns and making tax payments relating to the transition tax under Code Sec. 965. The instructions in the...
View ArticleWeekly Report from Washington, D.C.
The House Ways and Means Committee approved a bipartisan IRS reform package. A House floor vote is expected the week of April 16. White House The White House and Republican lawmakers are continuing...
View ArticleMaine Expands Sales Tax on Room Rentals
Room remarketers and transient rental platform operators must register to collect Maine sales tax on room rentals. Sales Price for Renting Living Quarters Recent Maine sales tax legislation amends the...
View ArticleNebraska Updates IRC Conformity
Nebraska has updated its conformity date for Nebraska taxes tied to the Internal Revenue Code (IRC) to April 11, 2018. The prior conformity date was May 11, 2017. Rolling Conformity for Income Taxes...
View ArticleNew York Budget Has IRC Conformity, Many Other Tax Changes
New York’s 2018-19 budget package contains Internal Revenue Code (IRC) conformity amendments and many tax changes. The conformity amendments address the effects of the federal Tax Cuts and Jobs Act....
View ArticleTennessee Allows Single Receipts Factor Apportionment for Financial Asset...
Financial asset management companies can now use a single receipts factor in Tennessee to apportion net earnings and net worth. Companies can elect to use the single receipts factor after January 1,...
View Article2018 Fiscal-Year Blended Tax Rates for Corporations (IR-2018-99; Notice 2018-38)
The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the Tax Cuts...
View ArticleKentucky Enacts Apportionment Formula, Rate, Other Changes
The Kentucky Legislature voted to override Gov. Matt Bevin’s veto (TAXDAY, 2018/04/11, S.15) of legislation that made extensive changes to Kentucky corporate and personal income tax provisions. A...
View ArticleKentucky Broadens Sales Tax Base, Hikes Cigarette Tax, Makes Other Changes
The Kentucky Legislature overrode Gov. Matt Bevin’s veto of a tax bill affecting sales and use tax, cigarette tax, property tax, and more. Provisions affecting income tax are reported separately....
View ArticleMissouri Senate Passes Corporate Rate Cut, Single Sales Factor Apportionment
The Missouri Senate has approved a bill that would lower the corporate tax rate beginning in 2019. The bill also requires corporations to use a single-sales factor apportionment method beginning in...
View ArticleWolters Kluwer Celebrates National Volunteer Week
STEM-based Volunteer Work Helps Drive Sustainable Innovation for the Real-World (NEW YORK, NY, April 17, 2018) — Throughout the US, Wolters Kluwer employees volunteer hundreds of hours each year to...
View ArticleTaxpayers Will Not be Penalized for Tax Day Filing Glitch, IRS Chief Says
Acting IRS Commissioner David Kautter told House lawmakers that taxpayers will not be penalized for the technical difficulties the IRS was having on Tax Day with its direct payment and e-filing...
View ArticleHouse Approves First Round of IRS Reform Bills
The House approved seven bills on April 17 by voice vote. These bills are part of a larger bipartisan IRS reform package. The entire package of bills was approved by the Ways and Means Committee last...
View Article2017 Filing Deadline Extended One Day; IRS Processing Systems Back Online
The IRS has provided an additional day for taxpayers to file and pay their taxes following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of...
View ArticleCalifornia Addresses Cannabis Excise Tax Requirements for Microbusinesses
The following are subject to the same California cannabis excise tax collection and reporting requirements as independent or third party distributors: – a cannabis business licensed as a microbusiness...
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